ISC, Cordish Withdraw From Kansas Speedway Casino Project

Kansas Speedway Hard Rock Hotel & Casino  Project Withdrawn

ISC and Baltimore-based Cordish Co. Friday said that it has "become 'prudent and necessary' to withdraw their application" to build and manage an estimated $705M Hard Rock Hotel & Casino at Kansas Speedway, according to Rick Alm of the K.C. STAR. ISC and Cordish, who each were set to "pour [$40-45M] into the initial phase of construction as the first installment on their combined and estimated [20-40%] equity share of the project," withdrew from the partnership "only hours before the project was set to receive final approval" from the Kansas Racing & Gaming Commission. The Hard Rock partnership, known as Kansas Entertainment LLC, said that it remains "interested in building a casino at the speedway," but "not as originally proposed." The group "intends to submit a new application for a phased project after the state, as expected, restarts the selection process and reopens bidding." The withdrawal of ISC and Cordish Friday "qualified the Hard Rock partnership to recover its $25[M] application fee." Meanwhile, Kansas Entertainment said that Kansas Speedway also will "delay the addition of a road-racing course and potential second NASCAR Sprint Cup Series race." The partners, as part of an incentive package, have "pledged to petition NASCAR to reassign a second Sprint Cup Series race to Kansas Speedway no later than 2011" (K.C. STAR, 12/6). ISC said that it "couldn't build the entire $705[M] complex by 2011 as required by its agreement with the Lottery Gaming Facility Review Board when it was awarded the license in September" (SCENEDAILY.com, 12/5).